FOREWORD. Botswana. Services provided by member firms include:

Size: px
Start display at page:

Download "FOREWORD. Botswana. Services provided by member firms include:"

Transcription

1 2015/16

2 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. As you will appreciate, the production of the WWTG is a huge team effort and we would like to thank all tax experts within PKF member firms who gave up their time to contribute the vital information on their country's taxes that forms the heart of this publication. The PKF Worldwide Tax Guide 2015/16 (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world's most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 1 January 2015, while also noting imminent changes where necessary. On a country-by-country basis, each summary such as this one, addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country's personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Services provided by member firms include: Assurance & Advisory; Financial Planning / Wealth Management; Corporate Finance; Management Consultancy; IT Consultancy; Insolvency - Corporate and Personal; Taxation; Forensic Accounting; and, Hotel Consultancy. In addition to the printed version of the WWTG, individual country taxation guides such as this are available in PDF format which can be downloaded from the PKF website at PKF Worldwide Tax Guide 2015/16 1

3 IMPORTANT DISCLAIMER This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International is a family of legally independent member firms administered by PKF International Limited (PKFI). Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms. PKF INTERNATIONAL LIMITED JUNE 2015 PKF INTERNATIONAL LIMITED All RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION PKF Worldwide Tax Guide 2015/16 2

4 STRUCTURE OF COUNTRY DESCRIPTIONS A. TAXES PAYABLE FEDERAL TAXES AND LEVIES COMPANY TAX ADMINISTRATION COMPANY CAPITAL GAINS TAX BRANCH PROFITS TAX VALUE ADDED TAX (VAT) LOCAL TAXES B. DETERMINATION OF TAXABLE INCOME CAPITAL ALLOWANCES DISALLOWED EXPENSES CAPITAL GAINS AND LOSSES LOSSES C. WITHHOLDING TAX D. PERSONAL TAX E. TREATY AND NON-TREATY WITHHOLDING TAX RATES PKF Worldwide Tax Guide 2015/16 3

5 MEMBER FIRM For further advice or information please contact: City Name Contact information Gaborone Tim Roddy BASIC FACTS Full name: Republic of Botswana Capital: Gaborone Main languages: English, Setswana Population: 2,155,784 (2014 estimate) Major religion: Christianity Monetary units: Botswana Pula (BWP) Internet domain:.bw Int. dialling code: +267 KEY TAX POINTS Income from, or deemed to be from, a source within Botswana is taxable in Botswana Normal business expenses wholly, exclusively and necessarily incurred in the production of assessable income are allowed as deductions for tax purposes, and include approved citizen training expenditure (conditions apply) and approved pension fund contributions, bad debt provisions, capital allowances and contributions to an approved mine rehabilitation fund. Companies must register for corporate income tax (CIT) which is levied at a single flat rate of 22%. Assessed losses relating to farming, mining and prospecting can be carried forward indefinitely and utilised against future taxable profits. Assessed losses from other businesses have a carry forward period of five years and must be utilised within that time. Capital losses are available to be carried forward for one year. Value Added Tax (VAT) is levied at a rate of 12% on standard rated supplies. Certain specified supplies are zero rated or exempt from VAT. Capital gains tax applies to companies and individuals. The capital gains tax rate for companies is the same as their income tax rates (22%). Individuals are liable based on a progressive tax rate scale up to a maximum rate (taxable gains over BWP 144,000) of BWP 13, % of excess over 144,000. Employment remuneration, which includes salaries, wages, bonuses, commissions, allowances, and the value of taxable benefits, is taxed under the PAYE system and employers are obliged to withhold the respective tax from an employee s remuneration each month. Please note, there are certain exemptions and tax free benefits available for Individuals. PKF Worldwide Tax Guide 2015/16 4

6 A. TAXES PAYABLE FEDERAL TAXES AND LEVIES COMPANY TAX Botswana s tax system is source-based. All companies registered in Botswana must also register for corporate income tax (CIT). CIT is levied at a single flat rate of 22%. Manufacturing companies Manufacturing companies which have been approved by the Minister of Finance are taxed at a special rate of 15%. International Financial Services Centre (IFSC) Companies must obtain a certificate and engage in the specified activities only. Profits from an IFSC (approved services) are taxed at a flat rate of 15%. Other taxable income is taxed at 22% Mining companies Profits form mining activities, excluding profits from diamond mining, are taxed by applying the following formula: Annual tax rate = 70 minus (1,500/x) x in the above formula represents the taxable income as a percentage of gross income. Please note that the tax rate cannot be less than 22% (the CIT rate) and is normally a rate between 22% and 55%. Diamond mining is generally taxed in accordance with the terms of a specific agreement agreed with the Botswana government. Other tax rates that apply to certain profits or income are as follows: The corporate income tax rate applying to non-resident companies is 30%; Foreign dividends are taxed at 15%; Other taxable income is taxed at a rate of 22%; Taxable income of an Accredited Innovation Hub (AIH) business is taxed at 15%. ADMINISTRATION - COMPANY Companies must file an income tax return (Form ITA22) four months following the year end. Where a company s final tax liability is greater than BWP 50,000 it will be subject to quarterly self-assessment tax (SAT) payments. SAT payments are calculated to be no less than 80% of the final tax liability. CAPITAL GAINS TAX Capital gains tax applies to companies and individuals. PKF Worldwide Tax Guide 2015/16 5

7 The capital gains tax rate for companies is 22%, the same rate as the CIT rate. Individuals are subject to a progressive capital tax rate up to a maximum rate applying to capital gains over BWP 144,000. From (BWP) To (BWP) Tax liability 0 18,000 0% 18,001 72,000 BWP 0 + 5% of excess over BWP 18,000 72, ,000 BWP 2, % of excess over BWP 72, , ,000 BWP 7, % of excess over BWP 108, , BWP 13, % of excess over 144,000 Capital gains on moveable properties are arrived at by taking the gross sales price less indexed acquisition costs, improvement costs, and transaction costs.if an individual or company disposes of shares only 75% of the gain is taxable. BRANCH PROFITS TAX Not applicable in Botswana. VALUE ADDED TAX (VAT) VAT is imposed comprehensively on an end-user basis at the rate of 12% on standard rated supplies. Certain specified supplies are either zero rated or exempt from VAT. Registration is mandatory where turnover (12 months) is expected to be BWP 500,000 or more VAT is payable by the importer of services not utilised in the making of taxable supplies. Input tax includes Transfer Duty payable under the Transfer Duty Act and any tax deemed to have been paid in respect of the supply of second hand goods. Input tax claims should be made within the following time limits: a) Where returns are filed every month, within a period of four months; b) Where returns are filed every two months, within two tax periods; c) For tax paid with respect of imports, within two tax periods. Zero-Rated supplies include: Exports of goods and services; International transport services; Supplies of going concerns; Sorghum, maize meal, millet, wheat, sugar and flour for human consumption; Fertilizers for farming purposes, some pesticides and farming tractors; PKF Worldwide Tax Guide 2015/16 6

8 Supplies to the Head of State; First 5,000 litres per month of water supplied to a residential dwelling by the Water Utilities Corporation (with exceptions). Exempt supplies include: Prescription drugs and condoms; Residential accommodation; Education at approved institutions; Public medical services; Non-fee based financial services; Passenger transport (excluding the transportation of tourists); Donations and grants; Farm implements. VAT Tax returns must be filed on or before the 25th of the month following the end of the tax period. Late VAT returns penalty: The greater of BWP 50 per day or 10% per month or part thereof of the tax due. Late payment of VAT: Compound interest at 1.5% per month or part thereof on both outstanding tax, penalties and interest charged VAT refunds: Interest at 1% per month or part of a month is payable if the refund is not made within two calendar months from the due date of the return (1 month for IFSC companies, approved manufacturers and exporters) LOCAL TAXES There are no local, provincial government or state taxes on income in Botswana. B. DETERMINATION OF TAXABLE INCOME Normal business expenses wholly, exclusively and necessarily incurred in the production of assessable income are allowed as deductions for tax purposes. CAPITAL ALLOWANCES Capital Allowances Straight Line The rates of straight line annual allowances on plant or machinery range between 10% and 25%. PKF Worldwide Tax Guide 2015/16 7

9 Rate Asset Detail 10% - Furniture and fittings including soft furnishings 15% - Other plant or machinery including farming equipment 25% - Heavy plant or machinery used in construction 25% - Motor vehicles and aircraft (limited to BWP 175,000 for passenger motor vehicles) 25% - Plant or machinery used directly in manufacturing or production 25% - Computer hardware 100% - Computer software - off the shelf Statutory Straight Line Allowances Rate Asset Detail 25.0% - Industrial buildings - initial allowance 2.5% - Industrial buildings - annual allowances 2.5% - Commercial buildings - annual allowances 100% - Farm buildings, improvements, water supplies and other farm capital works DISALLOWED EXPENSES Standard disallowable expenditure exists which are not deductible against taxable profits such as donations, general provisions, school fees, etc. CAPITAL GAINS AND LOSSES Capital gains are taxed at a rate of 22%. Capital losses can be carried forward for one year. LOSSES Company tax losses (except farming, mining and prospecting losses) can only be carried forward for five years and if not utilised within five years they are lost. Farming, mining and prospecting losses can be carried forward indefinitely until utilised by set off against available taxable profits arising in subsequent periods. C. WITHHOLDING TAX Withholding tax must be deducted from certain payments made to a resident or non-resident, subject to any relieving provisions of an applicable tax treaty. Generally, payments made to a resident which are: 1) Due under certain construction contracts, are subject to 3% withholding tax; 2) Interest, are subject to 10% withholding tax; 3) Dividends, are subject to 7.5% withholding tax; PKF Worldwide Tax Guide 2015/16 8

10 Generally, payments made to a non-resident which are: 1) Due under certain construction contracts, are subject to 3% withholding tax; 2) Interest, are subject to 15% withholding tax; 3) Dividends, are subject to 7.5% withholding tax; 4) Royalties, management or consultancy fees, are subject to 15% withholding tax; 5) Entertainment fees, are subject to 10% withholding tax. Withholding tax on interest is deducted at source. D. PERSONAL TAX Botswana citizens are taxed on their worldwide income whereas non-citizens are only taxed on income generated in Botswana. Employment Income includes salaries, wages, terminal payments, directors and other fees, bonuses, commissions, allowances and the value of benefits. Employment income from, or deemed to be from a source within Botswana is taxable in Botswana All employment income, including benefits in kind, is subject to monthly withholding tax (PAYE). Exemption and Tax Free Benefits for Individuals: The value of contractual travel benefits for employees and their families; Medical fund contributions and medical attention paid for by the employer; Contractual terminal gratuities payable to expatriate employees are exempt to the extent of one-third Bank and building society interest of BWP 7,800 per annum, for resident individuals; Severance pay and certain gratuities payable to citizen employees are exempt to the extent of one third; Investment of such payments directly into an approved pension or retirement annuity fund results in 100% exemption; Retrenchment package: one third or BWP 36,000 whichever is greater is exempt. Benefits Valuation: Housing: 10% of municipal valuation or 8% of current capital valuation, (BWP 250 floor area); Use of employer s furniture: 10% of the excess over BWP 15,000 of the cost to the employer; Loans: Difference between the concessionary rate interest and the prime lending rate announced by Bank of Botswana on 1 July of the tax year; PKF Worldwide Tax Guide 2015/16 9

11 Other benefits such as school fees and utilities: Cost to the employer or market value, whichever is the greater. Business and employment income rates: Earnings (BWP) Tax BWP BWP 0 + 5% over BWP BWP 1, % over BWP BWP 6, % over BWP and over BWP 13, % over BWP E. TREATY AND NON-TREATY WITHHOLDING TAX RATES Botswana has concluded tax treaties with the following countries: Barbados, France, India, Lesotho, Mauritius, Mozambique, Namibia, Russia, Seychelles, South Africa, Swaziland, Sweden, United Kingdom, and Zimbabwe. PKF Worldwide Tax Guide 2015/16 10

12

FOREWORD. Namibia. Services provided by member firms include:

FOREWORD. Namibia. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

FOREWORD. Trinidad and Tobago

FOREWORD. Trinidad and Tobago 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Saint Lucia

FOREWORD. Saint Lucia FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

FOREWORD. South Sudan

FOREWORD. South Sudan 2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. South Sudan

FOREWORD. South Sudan 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Botswana Tax and Budget Summary 2015/ February 2015

Botswana Tax and Budget Summary 2015/ February 2015 Botswana Tax and Budget Summary 2015/2016 2 February 2015 Contents Page 2015 Budget Speech - Highlights 2 General 2 Fiscal 2 Income Tax Salient Features 3 Business Taxable Income 3 Employment Income 3

More information

FOREWORD. Cape Verde. Services provided by member firms include:

FOREWORD. Cape Verde. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Costa Rica. Services provided by member firms include:

FOREWORD. Costa Rica. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Estonia. Services provided by member firms include:

FOREWORD. Estonia. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

FOREWORD. Isle of Man

FOREWORD. Isle of Man 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Botswana Tax and Budget Summary 2016/ February 2016

Botswana Tax and Budget Summary 2016/ February 2016 Botswana Tax and Budget Summary 2016/2017 22 February 2016 Contents Page 2016 Budget Speech Highlights 2 General 2 Fiscal 2 Income Tax (Amendment) Act, 2015 3 Income Tax - Salient Features 4 Business Taxable

More information

FOREWORD. Bangladesh. Services provided by member firms include:

FOREWORD. Bangladesh. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Global Mobility Services: Taxation of International Assignees - Botswana

Global Mobility Services: Taxation of International Assignees - Botswana http://www.pwc.com/bw/en/index.jhtml Global Mobility Services: Taxation of International Assignees - Botswana Taxation issues & related matters for employers & employees 2015/16 Last Updated: June 2016

More information

FOREWORD. Cyprus. Services provided by member firms include:

FOREWORD. Cyprus. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

BUDGET TAX GUIDE

BUDGET TAX GUIDE 2016 BUDGET TAX GUIDE 1 2 This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2016/17. INCOME TAX: INDIVIDUALS AND TRUSTS

More information

FOREWORD. Israel. Services provided by member firms include:

FOREWORD. Israel. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Saudi Arabia Tax Guide

Saudi Arabia Tax Guide Saudi Arabia Tax Guide I IMPORTANT DISCLAIMER: No person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining

More information

FOREWORD. Sweden. Services provided by member firms include:

FOREWORD. Sweden. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Peru. Services provided by member firms include:

FOREWORD. Peru. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Hungary. Services provided by member firms include:

FOREWORD. Hungary. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Latvia. Services provided by member firms include:

FOREWORD. Latvia. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Botswana Fiscal Guide 2014/15

Botswana Fiscal Guide 2014/15 0 Botswana Fiscal Guide 2014/2015 TAX Botswana Fiscal Guide 2014/15 kpmg.com 1 Botswana Fiscal Guide 2014/2015 INTRODUCTION Botswana Fiscal Guide 2014/2015 2 Botswana Fiscal Guide 2014/2015 Income tax

More information

www.pwc.com.na Namibia Tax Reference and Rate card

www.pwc.com.na Namibia Tax Reference and Rate card www.pwc.com.na Namibia Tax Reference and Rate card 2016 Source basis of Income Tax Normal tax is levied on taxable income of companies, trusts and individuals from sources within or deemed to be within

More information

FOREWORD. Portugal. Services provided by member firms include:

FOREWORD. Portugal. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK TRINIDAD AND TOBAGO Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Myrna Robinson-Walters M. Hamel-Smith &Co Eleven Albion, Dere and Albion Streets, Port-of-Spain,Trinidad

More information

FOREWORD. Philippines

FOREWORD. Philippines 2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Country Tax Guide.

Country Tax Guide. Country Tax Guide www.bakertillyinternational.com Country Tax Guide Germany Corporate Income Taxes Resident companies, defined as companies which are legally constituted in Germany, or which are legally

More information

FOREWORD. New Zealand

FOREWORD. New Zealand 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

FOREWORD. Bulgaria. Services provided by member firms include:

FOREWORD. Bulgaria. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed

TAX TAX NEWSLETTER. July 2012. General Information on the Tax Implications of Carrying On Business in Trinidad and Tobago (T&T) Issues Discussed TAX NEWSLETTER July 2012 Issues Discussed Tax implications of carrying on business in Trinidad and Tobago Corporation tax Business levy Green Fund Levy Withholding tax PAYE National Insurance Value Added

More information

Thinking Beyond Borders

Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES Thinking Beyond Borders Tanzania kpmg.com Tanzania Introduction Taxation of individuals under the Income Tax Act 2004 (ITA) is on the basis of both residence and source.

More information

FOREWORD. Ghana. Services provided by member firms include:

FOREWORD. Ghana. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Singapore Tax Facts 2016

Singapore Tax Facts 2016 Singapore Tax Facts 2016 Tax facts Summary Under the Singapore Income Tax Act, taxes are levied on the income of companies and individuals. In addition, there are goods and services tax and stamp duties.

More information

Paper F6 (BWA) Taxation (Botswana) Tuesday 2 June 2015. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (BWA) Taxation (Botswana) Tuesday 2 June 2015. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Botswana) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions

More information

Personal Income Tax. Frequently Asked Questions. Operating Guide

Personal Income Tax. Frequently Asked Questions. Operating Guide Personal Income Tax Frequently Asked Questions Operating Guide Directorate of Taxation Ministry of Finance and Economic Planning Republic of South Sudan Juba, South Sudan 10 November 2013 Mission Of The

More information

Due date is the 10th of every month following the month of deduction therefore May 15 days, June 20 days = 35 days late.

Due date is the 10th of every month following the month of deduction therefore May 15 days, June 20 days = 35 days late. Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) June 2015 Answers and Marking Scheme Section A 1 B 50% x (5 000 2 000) = 1 500 Tutorial note: Medical expenses credit on other

More information

TAX FACTS TAX GUIDE 2016/17 The Leader for Exceptional Client Service

TAX FACTS TAX GUIDE 2016/17 The Leader for Exceptional Client Service Audit Advisory Tax TAX FACTS TAX GUIDE 2016/17 The Leader for Exceptional Client Service RATES OF TAX Individual, special trusts (N1), insolvent and deceased estates Year of assessment ending 28 February

More information

FOREWORD. Nigeria. Services provided by member firms include:

FOREWORD. Nigeria. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Business Profit Tax. Frequently Asked Questions. Operating Guide

Business Profit Tax. Frequently Asked Questions. Operating Guide Business Profit Tax Frequently Asked Questions Operating Guide Directorate of Taxation Ministry of Finance and Economic Planning Republic of South Sudan Juba, South Sudan 3 July 2013 Mission Of The Directorate

More information

TAX GUIDE BELGIUM. Professional advice should be obtained before acting on any information contained herein.

TAX GUIDE BELGIUM. Professional advice should be obtained before acting on any information contained herein. TAX GUIDE BELGIUM DISCLAIMER This document is for guidance only. Professional advice should be obtained before acting on any information contained herein. Last up date : December 2010 1 1. INDIVIDUAL INCOME

More information

Bermuda Tax Guide 2013

Bermuda Tax Guide 2013 Bermuda Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

Tax card 2013/2014. Pocket reference guide. kpmg.com/na

Tax card 2013/2014. Pocket reference guide. kpmg.com/na Tax card 2013/2014 Pocket reference guide kpmg.com/na Namibian income tax is imposed on all receipts and accruals from a Namibian source or what is deemed Namibian source, other than receipts of a capital

More information

FOREWORD. Argentina. Services provided by member firms include:

FOREWORD. Argentina. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

Myanmar Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: May 2016

Myanmar Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: May 2016 Myanmar Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: May 2016 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 5 3 Indirect

More information

An Introduction to Canada s Tax System

An Introduction to Canada s Tax System s Tax System by SEAN AYLWARD & JACK SILVERSON Several federal and provincial tax considerations are relevant to non-residents seeking to do business in. One of the most important considerations is whether

More information

Monaco Corporate Taxation

Monaco Corporate Taxation Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the

More information

TAXATION INTRODUCTION

TAXATION INTRODUCTION TAXATION INTRODUCTION India has a complex tax structure and levy ranges from taxes and duties on corporate income, personal income, manufacturing, sale of goods, works contract, rendition of services,

More information

Gambia Tax Guide 2013

Gambia Tax Guide 2013 Gambia Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

T H E A U S T R I A N T A X S Y S T E M

T H E A U S T R I A N T A X S Y S T E M A U S T R I A N T A X February 2011 N E W S Please find beneath our updated version of: T H E A U S T R I A N T A X S Y S T E M 1. Introduction 2. Income Taxes on Corporations 3. Income Taxes on Individuals

More information

Dominican Republic Tax Guide

Dominican Republic Tax Guide Dominican Republic Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for

More information

FOREWORD. Venezuela. Services provided by member firms include:

FOREWORD. Venezuela. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

EMPLOYMENT INCOME INCOME TAX IMPLICATIONS

EMPLOYMENT INCOME INCOME TAX IMPLICATIONS EMPLOYMENT INCOME INCOME TAX IMPLICATIONS June 2009 Index 1 Background... 1 2 Income tax implications for individuals... 1 2.1 Resident and domiciled individuals... 2 2.2 Resident or domiciled individuals...

More information

FOREWORD. Nigeria. Services provided by member firms include:

FOREWORD. Nigeria. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

FOREWORD. Thailand. Services provided by member firms include:

FOREWORD. Thailand. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) December 2015 Answers and Marking Scheme Section A 1 D Prescribed rate of interest 1 5% + 5% = 6 5% Relevant loan $6 000 Taxable

More information

Doing Business in Trinidad and Tobago. Introduction

Doing Business in Trinidad and Tobago. Introduction Doing Business in Trinidad and Tobago Introduction This guide has been prepared by Baker Tilly Montano Ramcharitar an independent member of Baker Tilly International. This document is designed to assist

More information

Paper F6 (BWA) Taxation (Botswana) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (BWA) Taxation (Botswana) Thursday 10 December Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Botswana) Thursday 10 December 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A

More information

FOREWORD. Thailand. Services provided by member firms include:

FOREWORD. Thailand. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

Paper F6 (ZWE) Taxation (Zimbabwe) Thursday 9 June 2016. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (ZWE) Taxation (Zimbabwe) Thursday 9 June 2016. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Zimbabwe) Thursday 9 June 2016 Time allowed Reading and planning: 15 minutes Writing: 3 hours This question paper is divided into two sections: Section A ALL

More information

GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA. N$4.80 WINDHOEK - 30 December 2015 No. 5912

GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA. N$4.80 WINDHOEK - 30 December 2015 No. 5912 GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$4.80 WINDHOEK - 30 December 2015 No. 5912 CONTENTS Page GOVERNMENT NOTICE No. 311 Promulgation of Income Tax Amendment Act, 2015 (Act No. 13 of 2015), of

More information

FOREWORD. Hong Kong. Services provided by member firms include:

FOREWORD. Hong Kong. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

TAX CARD 2015 GREECE. Table of Contents

TAX CARD 2015 GREECE. Table of Contents GREECE TAX CARD TAX CARD 2015 GREECE Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Employment and Pension Income 1.1.2 Income from Individual Practices and Freelance Professions 1.1.3

More information

Country Tax Guide. www.bakertillyinternational.com

Country Tax Guide. www.bakertillyinternational.com www.bakertillyinternational.com International Tax Contact Moscow Andrey Kirillov T: +7 (495) 783 88 00 a.kirillov@bakertillyrussaudit.ru Corporate Income Taxes Resident companies, defined as those which

More information

Estonia Tax Guide 2013

Estonia Tax Guide 2013 Estonia Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

Provinces and territories also impose income taxes on individuals in addition to federal taxes

Provinces and territories also impose income taxes on individuals in addition to federal taxes Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)

More information

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk

Slovenia. Chapter. Avbreht, Zajc & Partners Ltd. 1 General: Treaties. 2 Transaction Taxes. Ursula Smuk Chapter Avbreht, Zajc & Partners Ltd. Ursula Smuk 1 General: Treaties 1.1 How many income tax treaties are currently in force in? 44 income tax treaties are currently in force in. 1.2 Do they generally

More information

Brazzaville GMT +1. Crespin Simedo Pereira +242 81-17-60 Mobile: +242 055-123-434, +242 066-227-700 Email: crespin.simedo@cg.ey.

Brazzaville GMT +1. Crespin Simedo Pereira +242 81-17-60 Mobile: +242 055-123-434, +242 066-227-700 Email: crespin.simedo@cg.ey. Congo, Republic of 285 ey.com/globaltaxguides ey.com/taxguidesapp Brazzaville GMT +1 EY +242 05-547-99-99 Avenue DS NGuesso Centre-ville Fax: +242 81-17-58 Immeuble MUCODEC, 3rd Floor B.P. 84 Brazzaville

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

More information

Fundamentals Level Skills Module, Paper F6 (ZWE)

Fundamentals Level Skills Module, Paper F6 (ZWE) Answers Fundamentals Level Skills Module, Paper F6 (ZWE) Taxation (Zimbabwe) 1 Gwen Brown December 2011 Answers and Marking Scheme (a) (i) Tax treatment of the following: Housing benefit The taxable benefit

More information

The Expatriate Financial Guide to

The Expatriate Financial Guide to The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council

More information

Fundamentals Level Skills Module, Paper F6 (HUN)

Fundamentals Level Skills Module, Paper F6 (HUN) Answers Fundamentals Level Skills Module, Paper F6 (HUN) Taxation (Hungary) 1 Mr Darabos June 2011 Answers and Marking Scheme Marks (a) (i) Taxation of the holiday coupons Holiday coupons provided by an

More information

United States Corporate Income Tax Summary

United States Corporate Income Tax Summary United States Corporate Income Tax Summary SECTION 1: AT A GLANCE CliftonLarsonAllen LLP 222 Main Street, PO Box 1347 Racine, WI 53401 262-637-9351 fax 262-637-0734 www.cliftonlarsonallen.com Corporate

More information

Jordan Tax Guide 2013

Jordan Tax Guide 2013 Jordan Tax Guide 2013 FOREWORD A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

British Virgin Islands Tax Guide

British Virgin Islands Tax Guide British Virgin Islands Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives

More information

El Salvador Tax Guide

El Salvador Tax Guide El Salvador Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.

DOING BUSINESS IN AUSTRALIA. Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com. DOING BUSINESS IN AUSTRALIA Presented by Sean Urquhart Tax Partner at Nexia Australia T: 61 2 9251 4600 E: surquhart@nexiacourt.com.au DISCLAIMER The material contained in this publication is in the nature

More information

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year Worldwide personal tax guide 2013 2014 Brazil Local Information Tax Authority Receita Federal do Brasil (RFB) Website www.receita.fazenda.gov.br Tax Year 1 January to 31 December Tax Return due date: Last

More information

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%.

TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. TURKEY CORPORATE TAX (KURUMLAR VERGISI) The basic rate of corporation tax for resident and non-resident companies in Turkey is 20%. Corporations in Turkey can be regarded as either limited or unlimited

More information

Sri Lanka Tax Profile

Sri Lanka Tax Profile Sri Lanka Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: September 2014 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation

More information

Setting up your Business in Bulgaria Issues to consider

Setting up your Business in Bulgaria Issues to consider Bulgaria is a parliamentary republic situated in the heart of the Balkan Peninsula at the south - east part of Europe. It is a member of NATO since 2004 and of the European Union since 2007. The territory

More information

GLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX

GLOBAL INDIRECT TAX. Thailand. Country VAT/GST Essentials. kpmg.com TAX GLOBAL INDIRECT TAX Thailand Country VAT/GST Essentials kpmg.com TAX b Thailand: Country VAT/GST Essentials Thailand: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT?

More information

Paper F6 (BWA) Taxation (Botswana) Tuesday 12 June 2012. Fundamentals Level Skills Module. Time allowed

Paper F6 (BWA) Taxation (Botswana) Tuesday 12 June 2012. Fundamentals Level Skills Module. Time allowed Fundamentals Level Skills Module Taxation (Botswana) Tuesday 12 June 2012 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

Corporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation.

Corporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation. 13. Taxation The system of taxation described below is derived from the Czech tax legislation and may be modified by a particular Double Taxation Treaty. The current tax system was introduced in January

More information

Value-Added Tax (VAT)

Value-Added Tax (VAT) June 2015 MY SMALL BUSINESS Value-Added Tax (VAT) What you need to know www.sars.gov.za 0800 00 7277 Value-Added Tax Value-Added Tax (VAT) is an indirect tax based on consumption of goods and services

More information

Introduction to Taxation

Introduction to Taxation Introduction to Taxation Taxes are the price we pay for a civilized society. - Oliver Wendell Holmes, Jr. Taxation is a financial charge imposed on people. Taxation is a means whereby the state collects

More information

FOREWORD. South Africa

FOREWORD. South Africa FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

Real Estate Going Global Singapore

Real Estate Going Global Singapore www.pwc.com/goingglobal Real Estate Going Global Singapore Tax and legal aspects of real estate investments around the globe 2012 Real Estate Going Global Singapore 1 Contents Contents Contents... 2 Real

More information

Taxation. 1. Individual Taxation in Malta

Taxation. 1. Individual Taxation in Malta Taxation The combination of Malta s tax system and its extensive double tax treaty network (over 50) means that, with proper planning and structuring, investors can achieve considerable fiscal efficiency

More information

INCOME TAX AT A GLANCE

INCOME TAX AT A GLANCE Tulipe Ushuru Tujitegemee INCOME TAX AT A GLANCE 2011-2012 DOMESTIC TAXES DEPARTMENT ISO 9001:2008 CERTIFIED Our Vision To be the leading Revenue Authority in the world Respected for Professionalism Integrity

More information

FOREWORD. Turkey. Services provided by member firms include:

FOREWORD. Turkey. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

Paper 7- Direct Taxation

Paper 7- Direct Taxation Paper 7- Direct Taxation Academics Department, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 Paper 7- Direct Taxation Full Marks:100 Time allowed: 3 hours

More information

DOING BUSINESS IN GERMANY Overview on Taxation

DOING BUSINESS IN GERMANY Overview on Taxation DOING BUSINESS IN GERMANY Overview on Taxation March 2015 1. Introduction 1.1. Generally, taxes are administered and enforced by the competent local tax office. These local tax offices administer in particular

More information

Angola Tax Guide 2013

Angola Tax Guide 2013 Angola Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.

Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income. Worldwide personal tax guide 2013 2014 The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst www.belastingdienst.nl

More information

Doing business in Sweden. www.pwc.se/doingbusinessinsweden

Doing business in Sweden. www.pwc.se/doingbusinessinsweden Doing business in Sweden www.pwc.se/doingbusinessinsweden 1. What type of presence do we require? 2. What other registrations do we need to be aware of? 3. What tax issues may arise now that we are operating

More information

News Flash. September, 2015. Tax guide for property investment in Hungary

News Flash. September, 2015. Tax guide for property investment in Hungary News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation

More information

Uganda Tax Guide 2013

Uganda Tax Guide 2013 Uganda Tax Guide 2013 foreword A country s tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas

More information

Paper F6 (ZWE) Taxation (Zimbabwe) Specimen questions for June 2015. Fundamentals Level Skills Module

Paper F6 (ZWE) Taxation (Zimbabwe) Specimen questions for June 2015. Fundamentals Level Skills Module Fundamentals Level Skills Module Taxation (Zimbabwe) Specimen questions for June 2015 Time allowed This Reading is and not planning: a full specimen 15 minutes paper, it is a selection of specimen Writing:

More information

MEXICO TAXATION GUIDE

MEXICO TAXATION GUIDE THE FLORES LAW FIRM Attorney and Counselor at Law 9901 IH-10 West, Suite 800 San Antonio, TX 78230 TEL. (210) 340-3800 FAX (210) 340-5200 MEXICO TAXATION GUIDE I. RECOGNIZED MEXICAN BUSINESS ENTITIES A.

More information

Guide to Japanese Taxes

Guide to Japanese Taxes Guide to Japanese Taxes CONTENTS 1. Introduction --------------------------------------------------------------------------------------------- 1 (1) Principle of Taxation under the Law (2) Self-Assessment

More information